Are you thinking about working with property managers? You might be considering a property management career, but don’t fully understand what this job entails. Property managers are usually third-parties that have been hired by property investors or landlords to take care of the daily operations for rental properties. The responsibilities of property management professionals can differ quite a bit, but some tasks are pretty much the same across all types of buildings. This article will share seven common responsibilities among property managers, from finding quality tenants to handling rent collection.
1. Rent-Related Responsibilities
Property managers are usually responsible for handling all rent-related issues. They might set the initial level of rent that tenants agree to pay. This makes it important for this professional to have a keen understanding of the local rental market as well as of the types of tenants that they’d prefer to attract.
Actual rent collection is also something that property managers handle. Their goal is to ensure optimum cash flow by establishing a firm date for collecting these payments and by diligently enforcing all late penalties.
Property managers often adjust rental charges as well. When they believe it necessary, they have the power to lower rent, but more commonly, they raise rents by a predetermined percentage annually, in compliance with provincial and municipal laws.
2. Attracting Quality Tenants
Landlords and property owners expect property managers to fill all vacancies and it is the role of property management teams to find quality tenants who fit right into the community. As such, property managers should have the ability to effectively market available spaces, meet with prospective residents, and show off unit features and amenities.
3. Screening Prospective Tenants
Property management teams must screen tenants who apply for spaces within their buildings. The screening process can be different from one location to the next by typically includes checking credit and references, and verifying employment.
4. Handling Building Maintenance And Repairs
Property managers must keep properties in a comfortable and safe state. They must perform necessary repairs and ongoing maintenance, as well as updating parking, laundry facilities, and other property features.
Property management Phoenix teams have to have the ability to perform ongoing maintenance pertaining to pest removal, leak inspections, landscaping, and garbage removal, or they must hire third-parties to perform these same tasks routinely. Moreover, whenever renovations or repairs are required, property management teams will need to resolve the reported issues or hire capable professionals to perform this work. Due to this fact, most property managers maintain large networks of licensed electricians, plumbers, carpenters, and other contractors.
5. Maintaining A Comprehensive Knowledge Of All Relevant Tenant-Landlord Laws
During evictions and other disputes, property managers are frequently the first point of contact, and they also hold this role in the general legal operations of rental properties. In this capacity, property management professionals and teams must know the proper legal processes for tenant screening, the correct handling of security deposits, eviction, terminating leases, safety compliance, and many other things. Good property managers maintain an in-depth knowledge of tenant-landlord laws, and they have the ability to carry out their duties according to these laws.
6. Managing Financial Records For Properties And Managing Budgets
In the course of supervising daily activities, property management teams also have the responsibility of maintaining building budgets and keeping diligent records. Property managers are frequently given firm budgets that they must operate within, and thus, they must use discretion for making building improvements, facilitating necessary repairs, and maintaining a fund for emergencies. Property management teams can additionally be responsible for filing property taxes or for providing other forms of support during the tax season.
Property managers can additionally keep detailed records concerning the overall functioning of the property. This can include all expenses and income, records of tenant complaints, leases, repairs, request for maintenance, and insurance spending. Records will also need to be kept for all rent collections and building inspections.